Recommended reading tonight: 1. YZi Labs announces incubation of 17 projects; see which hardcore sectors CZ and He Yi have bet on; 2. Don't worry, Strategy will never sell its Bitcoin holdings; 3. On-chain price discovery;

Binance announced on X that Binance Alpha's second wave of Yooldo (ESPORTS) airdrop rewards is live. Users with at least 250 Binance Alpha Points can claim an airdrop of 80 ESPORTS tokens on a first-come, first-served basis. If the reward pool is not fully distributed, the score threshold will automatically decrease by 5 points every 5 minutes.Claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm their claim on the Alpha Events page within 24 hours; otherwise, it will be deemed that users have given up claiming the airdrop.

According to the announcement from Binance, the platform is launching a Trading Sprint Challenge with a prize pool of 720,000 AVNT, distributed in token vouchers. This initiative is open to all eligible Binance users and Affiliates, who can refer friends to trade and compete on the Trading and Referral leaderboards to win rewards. The first 5,000 new users invited via a Referral Pro Link/ID and completing the Spot trading task will each receive 28 AVNT in token vouchers. The promotion period runs from 2025-12-04 12:00 (UTC) to 2025-12-31 23:59 (UTC). **Promotion A: Trading Volume Leaderboard** Eligible users can participate by confirming their participation on the activity page, inviting new friends via Referral Pro Link/ID, and ensuring referrals trade on Binance Spot or Margin. The Trading Volume leaderboard ranks participants based on the total Spot and Margin trading volume generated by their referrals. Rewards are distributed according to rankings, with the top participant receiving 10% of the prize pool, provided they meet the minimum criteria of $30,000,000 in trading volume and 15 new traders. Subsequent ranks have varying criteria and reward shares. **Promotion B: Referral Leaderboard** Participants can join by confirming participation, inviting new friends, and earning points for each successful referral. A successful referral is defined as a new user who signs up via the Referral Pro Link/ID and trades at least $100 in Binance Spot pairs. The Referral leaderboard ranks participants based on total points collected, with rewards distributed according to rankings. The top participant receives 10% of the prize pool, requiring at least 300 successful referrals. **Promotion C: New Users Exclusive** The first 5,000 new users who register using a Referral Pro Link/ID and complete identity verification, along with trading at least $100 on Binance Spot, will receive 28 AVNT in token vouchers. Rewards are distributed on a first-come, first-served basis. Terms and conditions apply, and users in restricted regions are disqualified from participating. Binance reserves the right to disqualify participants engaging in dishonest activities.

LISA launches points program ahead of token generation event with social engagement incentives. source: https://coincu.com/news/lisa-road-genesis-points-program/

Key Takeaways The BONK ecosystem is shifting most platform fees toward BNKK’s long-term token accumulation program. source: https://coindoo.com/bonk-redirects-fees-to-support-bnkks-buying-program/

Ethereum activated its long-awaited “Fusaka” upgrade on the mainnet on Wednesday, marking the blockchain’s second significant overhaul in 2025. source: https://zycrypto.com/ethereum-activates-highly-anticipated-fusaka-upgrade-bringing-major-leap-in-network-scaling-will-it-catapult-eth-to-the-moon/

Why is the competition among Perp DEXs essentially a competition of "risk models"?

A US judge has ordered OpenAI to hand over 20 million anonymised ChatGPT conversation logs to several news organisations as part of a copyright lawsuit. The case examines whether the AI reproduced copyrighted articles without permission, despite OpenAI’s concerns over user privacy.

USDT, stablecoin, and the strong counterattack of the RMB: Stablecoins have become "risky assets." Golden Finance reports that in the past six months, the RMB has quietly completed a "comeback."

The trading system is idle for 73% of the remaining time from Monday to Friday. How can we solve this problem?

A 21-year-old Ukrainian student in Vienna was tortured and set on fire after attackers forced him to give passwords to his cryptocurrency wallets, which they emptied before his death. Two suspects fled to Ukraine with the stolen crypto and were arrested three days later, highlighting the rising risk of violent attacks on crypto holders.

Overall, the attitude of mainland judiciary and regulators toward virtual assets is gradually shifting from "complete rejection" to "classification and differentiated treatment," while the cross-border regulatory landscape is also being rapidly reshaped.

On December 1, 2025, the long-established decentralized yield aggregation protocol Yearn was attacked, resulting in a loss of approximately $9 million.

The Venezuelan traveler's checks market from 1983 to 1996 serves as a powerful yet poorly studied historical case study for simulating stablecoins. It demonstrates that under financial repression, markets will invariably construct parallel price discovery mechanisms.

A flaw in a MediaTek chip used in many Android phones lets attackers take full control of the device, and it cannot be fixed because it sits in the chip’s hardware. Ledger says this makes storing crypto keys on affected phones unsafe, as the weakness allows attackers to bypass security during startup.